It seems a year has passed, but it was just the beginning of September when Bitcoin reached its all time high.
As it often happens, the transition from euphoria to desperation is really fast, so in less than ten days price felt of about 40%. from the top of the mountain to underground, from the beautiful terrace of Zeus to the kingdom of Hades.
Now Bitcoin is trying to climb Olympus again and yesterday, a month after "Chinese crisis", we saw close up previous high.
Let's try to understand if it will be able to perform this extraordinary feat, reaching new highs, or it will end up like mythological Giants, pushed down by Gods.
BITCOIN
SHORT TERM
1 hour chart
Yesterday Bitcoin touched the upper part of ascending channel, but it was out of breath, with RSI in overbought area. A retracement was necessary to consolidate price at this levels and try a new attempt.
We can expect a sideways trend between 4720$ and 4900$, so we'll have a clear signal only after a breakout of one of these two levels.
Looking up, next resistance is previous all time high, while on the downside, next support will be at 4631$.
Looking at the chart, we are now in a "triangle", a technical pattern where price is compressed between a descending line (red) and an ascending one (green). The breakout of one of those lines will give a clear indication for the future of Ethereum.
Talking about levels, first support is at 296$ and first resistance at 302$.
RIPPLE
Yesterday Bitcoin touched the upper part of ascending channel, but it was out of breath, with RSI in overbought area. A retracement was necessary to consolidate price at this levels and try a new attempt.
We can expect a sideways trend between 4720$ and 4900$, so we'll have a clear signal only after a breakout of one of these two levels.
Looking up, next resistance is previous all time high, while on the downside, next support will be at 4631$.
MEDIUM TERM
1 day chart
There are no particular news on chart: trend is positive and both MACD and RSI are giving good signals.
Now it's no more a technical issue, but it's all psychological. We have reached previous high and there is a battle between hope of seeing new highs and, on the other hand, fear of reliving the price fall of September.
In my opinion, it could be important to have an accumulation phase close to the resistance, with RSI unloaded and free room to push the price up. Considering the importance of this level, a breakout would be a great proof of strenght, so we can expect a broad movement.
Supports are at 4430$ and 4111$.
ETHEREUM
Yesterday in this analysis I showed the similarity of two patterns with a prediction of a rebound that actually happened from 298$ to 307$.There are no particular news on chart: trend is positive and both MACD and RSI are giving good signals.
Now it's no more a technical issue, but it's all psychological. We have reached previous high and there is a battle between hope of seeing new highs and, on the other hand, fear of reliving the price fall of September.
In my opinion, it could be important to have an accumulation phase close to the resistance, with RSI unloaded and free room to push the price up. Considering the importance of this level, a breakout would be a great proof of strenght, so we can expect a broad movement.
Supports are at 4430$ and 4111$.
ETHEREUM
1 hour chart
Looking at the chart, we are now in a "triangle", a technical pattern where price is compressed between a descending line (red) and an ascending one (green). The breakout of one of those lines will give a clear indication for the future of Ethereum.
Talking about levels, first support is at 296$ and first resistance at 302$.
RIPPLE
1 hour chart
Ripple had a very good reaction, with a rebound on support at 0.2325, drawing a new uptrend underlined by short green ascending line. Due to high volatility of last days, I suggest a very cautious approach, waiting for a normalization.
Supports:
- 0.2426$
- 0.2325$
Resistances:
- 0.266$
- 0.275$
- 0.2815$
____________________________________________
Ripple had a very good reaction, with a rebound on support at 0.2325, drawing a new uptrend underlined by short green ascending line. Due to high volatility of last days, I suggest a very cautious approach, waiting for a normalization.
Supports:
- 0.2426$
- 0.2325$
Resistances:
- 0.266$
- 0.275$
- 0.2815$
____________________________________________
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